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Maybe i am looking at it wrong

but when they keep talking about the trouble gm and places like that are in and that they are shutting down plants, and laying off employess, i can' t helpbu think that some of the problem of there debt is as they keep making all these vehicles , it is not that people don't want to buy vehicles, but that they can't get the gfinancing for them. Weather it be because places are being greedy or they have bad credit. I know in the community i live in i have heard a few people complaining that they went to buy a vehicle and they couldn't get financed. Now what the reason was i don't really know. But that seems to me like it would be some of the problem.

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Asked by Anonymous at 5:54 PM on Apr. 22, 2009 in Money & Work

Answers (2)
  • I think your right, it is the same in the housing area, people wanted to buy the homes, and they were approved, but when jobs got cut they started foreclosing, same with vehicles they started repossessing and they were upside down. Instead of paying the difference to the company when something was taken people filed bankruptsy (not that it was the wrong thing I got laid off and am still contemplating filing) when things are going good and you can pay your bills then all is well, but if you don't have a cushon you could be in trouble later. I had enough saved to live for a year after being laid off, well it's been a year and no job. It's a domino effect.

    Answer by southernstyle88 at 9:16 PM on Apr. 22, 2009

  • I think you got the right idea. We were offered a loan, they approved it and it was a house loan, to refiance, but they the bank changed their mind, and didnot approve the loan. We were in a financial mess. Now that dh got deployed, we got everything caught up, and i have set up an emergecy fund, cushion, for when things comes up, or bills, a plumbing problem, etc.. it is good to do now ,with how everything is getting so expensive, and hard to get a car, or house loan...

    Answer by Anonymous at 4:55 AM on Apr. 24, 2009

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